Bets on excessive rate hikes helped the dollar index, which measures the dollar against a basket of six currencies, hit its highest level in nearly 20 years earlier this month., at 109.29 units, and the greenback rose 2.1% in July. The dollar index lost 0.2% and stood at 106.93 units.
“Markets are taking a bit of distance ahead of the Fed meeting,” said Simon Harvey, head of currency research at Monex Europe. The euro rose 0.33% to $1.0149 but failed to recover from Tuesday’s 1.0% drop, its biggest drop in more than two weeks, after fears of a European recession intensified when Russia further cut gas supplies to Europe through the Nord Stream 1 pipeline.
The dollar fell 0.2% to 136.69 yen. Against the safe haven Swiss franc, the greenback is also down 0.2% at $0.9612.
Source: Ambito
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